"Polymarket was once a niche crypto platform. Now, the startup is moving into the ranks of mainstream finance thanks to a $2 billion investment from trading giant Intercontinental Exchange. Under the terms of the deal, announced on Tuesday, the investment will value the company at $9 billion, and the parent company of the New York Stock Exchange will distribute the prediction market's data."
"The two companies will also work together on tokenization initiatives, or the act of putting financial assets into blockchain wrappers, according to a press release. The Wall Street Journal first reported Intercontinental Exchange's investment into the prediction market. The investment is in cash, per the release. "Our partnership with ICE marks a major step in bringing prediction markets into the financial mainstream," Shayne Coplan, founder and CEO of Polymarket, said in a statement."
Polymarket received a $2 billion cash investment from Intercontinental Exchange that values the company at $9 billion and gives ICE rights to distribute Polymarket's prediction-market data. The companies will collaborate on tokenization initiatives to wrap financial assets on blockchains. Polymarket is a blockchain-based platform founded in 2020 that surged during the 2024 U.S. presidential election. Trading volume peaked near $400 million the day after the general election, then fell to $40–$80 million daily by early October. Prediction markets enable bets on geopolitical events and crypto prices and combine the "wisdom of the crowd" with financial incentives for intellectual honesty. Competitors include Kalshi, and markets are approaching the boundary with sports betting.
Read at Fortune Crypto
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